PTTEP Funds Cove Deal with Asia’s Largest Rights Issue of 2012

By WSJ Staff

Bloomberg News

Thailand’s state-backed oil company is launching the biggest rights issue in Asia this year to fund one of the most hotly contested oil and gas acquisitions of 2012.

PTT Exploration & Production PCL is seeking to raise around 92.3 billion baht ($3 billion) in a rights offering, Dow Jones Newswires reported Friday, slightly below the company’s target of 98 billion baht. Most of the rights funds will come from its parent, state-owned PTT, which has a 65% stake in the company.

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